FIS Helps Drive Privacy Compliance for Global Financial Institutions
December 02 2016 - 8:00AM
Business Wire
Key facts
- FIS and Trunomi have partnered to turn the EU General Data
Protection Regulation into an opportunity for financial
institutions to improve customer service.
- The new solution combines the breadth of FIS’ global banking
technology and consultancy with Trunomi’s customer-driven,
consent-based data sharing platform.
FIS™ (NYSE:FIS), a global leader in financial services
technology, and Trunomi, a provider of customer consent management
and permissioned personal data-sharing technology, are working to
turn the EU General Data Protection Regulation (GDPR) into an
opportunity for financial institutions to improve customer service
while complying with the new law.
Combining the breadth of FIS’ global banking technology and
consultancy with Trunomi’s customer-driven, consent-based data
sharing platform, the companies have partnered to create a solution
that will support GDPR compliance for financial institutions, while
simultaneously deepening relationships with customers. The new
solution integrates into FIS’ banking and payments platforms to
securely connect financial institutions and their customers so
those customers can create, control and share their digital
identities as they choose.
“The financial industry has a lot of work to do to prepare for
GDPR’s May 2018 deadline,” said Bruce Jennings, EMEA strategy
director, FIS. “But this isn’t just about meeting a deadline.
Financial institutions that view this as an opportunity to
modernize customer onboarding and engagement models will see a
distinct advantage as they will be both more secure for customers
and able to better use the data they collect to meet those
customers’ needs.”
The solution will give consumers secure control over the use and
movement of their personal and financial data – from new levels of
security around data to simplified ways for consumers to review
their information. It also will allow financial institutions to
comply with their customers’ wishes for accessing and using their
personal data. For instance, data must be eliminated if a consumer
withdraws his or her consent that an organization possesses it.
“The GDPR comes at a time when customers are demanding fairer
'data relationships' and this is an opportunity for savvy banks to
lead the way,” said Stuart Lacey, CEO and founder, Trunomi. “The
regulation will push financial services providers to move to a
customer-centric and transparent information exchange which will be
a strong competitive differentiator if executed effectively.”
Heralded as a landmark in personal data protection, GDPR is the
coming legal framework that will govern how organisations worldwide
may use customers’ personal data. Adopted in April and set to go
live in May 2018, GDPR will cover personal data for EU citizens
worldwide. It will require banks and other organisations to
completely redraft the terms and conditions by which they maintain
customer engagement.
About FIS
FIS is a global leader in financial services technology, with a
focus on retail and institutional banking, payments, asset and
wealth management, risk and compliance, consulting, and outsourcing
solutions. Through the depth and breadth of our solutions
portfolio, global capabilities and domain expertise, FIS serves
more than 20,000 clients in over 130 countries. Headquartered in
Jacksonville, Fla., FIS employs more than 55,000 people worldwide
and holds leadership positions in payment processing, financial
software and banking solutions. Providing software, services and
outsourcing of the technology that empowers the financial world,
FIS is a Fortune 500 company and is a member of Standard &
Poor’s 500® Index. For more information about FIS, visit
www.fisglobal.com.
Follow FIS on Facebook (facebook.com/FIStoday) and Twitter
(@FISGlobal).
About Trunomi
Through offices in Bermuda, the U.S. and Europe, Trunomi is
reinventing the way in which financial institutions interact with
their customer's data. Trunomi securely connects financial
institutions to their customers with a consent based data sharing
platform. Trunomi’s mobile and web technology cuts costs, removes
friction and delivers amazing customer experiences. It’s
consent-based platform revolutionises the way financial
institutions interact with customer data, in full compliance with
data privacy regulations.
Forward-Looking Statements
This press release may contain statements, estimates or
projections that constitute “forward-looking statements” pursuant
to the safe harbor provisions of the U.S. federal securities laws.
Generally, the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “will” and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from FIS’ historical experience and our present expectations or
projections. These risks include, but are not limited to, changes
in general economic, business and political conditions,
developmental and conversion delays or disruptions inherent with
new software products, technology and outsourcing solutions, and
risks of reduction in revenue from the elimination of existing and
potential customers due to consolidation in or new laws or
regulations affecting the banking, retail and financial services
industries, changes in the growth rates of the markets for our
solutions, and other risks detailed in our filings with the
Securities and Exchange Commission (SEC), including the “Risk
Factors” section of our Annual Report on Form 10-K for the year
ended December 31, 2015, and subsequent SEC filings. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. FIS undertakes no obligation to
publicly update or revise any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20161202005357/en/
FISKim Snider, +1 904.438.6278Senior Vice PresidentFIS Global
Marketing and Communicationskim.snider@fisglobal.comorTrunomiNicola
Koronkanicola.koronka@missive.co.uk
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